/  H.R. 1187 - Corporate Governance Improvement and Investor Protection Act

H.R. 1187 - Corporate Governance Improvement and Investor Protection Act

Bill Text

  • Rules Committee Print 117-5 PDF

    Showing the text of H.R. 1187, H.R. 1087, H.R. 1188, H.R. 2570, and H.R. 3007, as ordered reported by the Committee on Financial Services, with modifications.

  • Text of H.R. 1187 PDF XML

    (as reported)

  • Reports on Incorporated Bills

        H. Rept. 117-54  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 1187

        H. Rept. 117-53  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 1087  

        H. Rept. 117-55  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 1188

        H. Rept. 117-39  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 2570

        H. Rept. 117-52  PDF
            ::  Report from the Committee on Financial Services to accompany H.R. 3007

Rule Information

COMMITTEE ACTION:
REPORTED BY A RECORD VOTE of 9-4 on Monday, June 14, 2021.

MANAGERS: McGovern/Reschenthaler

1. Closed rule for H.R. 256.
2. Provides one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Foreign Affairs or their designees.
3. Waives all points of order against consideration of the bill.
4. Waives all points of order against provisions in the bill.
5. Provides that the bill shall be considered as read.
6. Provides one motion to recommit.
7. Structured rule for H.R. 1187.
8. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their designees.
9. Waives all points of order against consideration of the bill.
10. Provides that an amendment in the nature of a substitute consisting of the text of Rules Committee Print 117-5 shall be considered as adopted and the bill, as amended, shall be considered as read.
11. Waives all points of order against provisions in the bill, as amended.
12. Provides that following debate, each further amendment printed in the Rules Committee report not earlier considered as part of amendments en bloc pursuant to section 4 shall be considered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, may be withdrawn by the proponent at any time before the question is put thereon, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
13. Provides that at any time after debate the chair of the Committee on Financial Services or her designee may offer amendments en bloc consisting of further amendments printed in the Rules Committee report not earlier disposed of. Amendments en bloc shall be considered as read, shall be debatable for 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their designees, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
14. Waives all points of order against the amendments printed in the Rules Committee Report or amendments en bloc described in section 4 of the resolution.
15. Provides one motion to recommit.

16. Provides that the provisions of section 202 of the National Emergencies Act shall not apply to House Joint Resolution 46.
17. House Resolution 467 is hereby adopted.
18. Provides that at any time through the legislative day of Thursday, June 17, 2021, the Speaker may entertain motions offered by the Majority Leader or a designee that the House suspend the rules with respect to multiple measures that were the object of motions to suspend the rules on the legislative days of June 14 or 15, 2021, and on which the yeas and nays were ordered and further proceedings postponed. The Chair shall put the question on any such motion without debate or intervening motion, and the ordering of the yeas and nays on postponed motions to suspend the rules with respect to such measures is vacated.

Amendments (click headers to sort)

#Version #Sponsor(s)PartySummaryStatus
1Version 2Himes (CT), Ross, Deborah (NC)DemocratRevised Requires publicly traded companies to report annually on whether members of their governing bodies (such as general partners or members of a board of directors) have cybersecurity expertise and the nature of that experience. If nobody has such experience, then the company would be required to describe what other aspects of its cybersecurity were considered by the people responsible for identifying and evaluating nominees for governing body membership with NIST and the SEC would defining cybersecurity experience using commonly defined roles, specialties, knowledge, skills, and abilities.Submitted
2Version 1Steil (WI)RepublicanEnsures disclosures mandated by the bill are only required if there is a substantial likelihood that a reasonable investor would consider the disclosure important to making an investment decision.Submitted
3Version 1Hill, French (AR)RepublicanSUBSTITUTE Strikes the underlying legislation with a study that must be conducted by the SEC to summarize and describe any inconsistencies by the different ESG and climate disclosure frameworks before requiring any type of disclosure from public companies.Submitted
4Version 1Barr (KY)RepublicanMakes bill contingent on SEC delivering a report to Congress identifying the number of climatologists, other environmental scientists, campaign finance law experts, and international tax lawyers that the SEC has on staff, as well as a certification from the Chairman that the SEC is better-suited to regulate climate-related issues, campaign finance issues, and international tax law issues, than any other agency in the federal government.Submitted
5Version 1Huizenga (MI)RepublicanSUBSTITUTE Strikes titles I through V and inserts language repealing certain mandatory disclosure requirements included in the Dodd-Frank Act.Submitted
6Version 1Axne (IA)DemocratIncreases disclosures from public companies about their workforce, including information about workforce health and safety, pay, diversity, turnover and promotion rates, and training, as well as companies' use of contractors and outsourcing.Submitted
7Version 1Wexton (VA)DemocratDirects the Securities and Exchange Commission (SEC) to issue rules requiring U.S. publicly traded companies to disclose annually imports of manufactured goods and materials that originate in or are sourced in part from Xinjiang Province.Submitted
8Version 1McHenry (NC)RepublicanMakes the bill and amendments effective date contingent on the Labor Force Participation Rate reaching the same level it was in January 2020.Submitted
9Version 1McHenry (NC)RepublicanAllows Emerging Growth Companies, Small Businesses, and Smaller Reporting Companies to opt out of the disclosure requirements.Submitted
10Version 1Frankel (FL), Nadler (NY), Speier (CA), Blunt Rochester (DE), Underwood (IL)DemocratRequires publicly-traded companies to disclose the number of settlements, judgments, and aggregate settlement amounts in connection with workplace harassment in their annual SEC filings.Submitted
11Version 1Meeks (NY), Maloney, Carolyn (NY), Torres, Ritchie (NY)Democrat(1) Requires public companies to annually disclose the racial, ethnic, gender identity, sexual orientation, and veteran status of their board directors, nominees, and senior executive officers; (2) empowers the SEC’s Office of Minority and Women Inclusion to publish best diversity disclosure practices; and (3) creates an advisory group that would study and report on increasing corporate diversity.Submitted
12Version 1Phillips (MN)DemocratRequires the SEC to study the emergence and viability of coalitions among shareholders who wish to preserve and promote critical employment, environmental, social, and governance standards (EESG) and the significance of shareholder networks with the SEC issuing a report to Congress with its findings, guidance on shareholder engagement activities that are not considered to involve questions of corporate control, and provide recommendations on regulatory safe harbors for engagement with respect to sustainability guardrails.Submitted
13Version 1Phillips (MN)DemocratRequires the SEC to carry out a study about the value to investors of several human capital management metrics, including company employee compensation in relation to executive pay, employee benefits, workforce demographics, and company violations of Fair Labor Standards and the Civil Rights Act. The SEC would also need to consider expanding the term ESG to include “employees” (i.e. “EESG”) to highlight the importance of workers to company priorities.Submitted
14Version 1Phillips (MN)DemocratRequires the SEC to work with the DOL, Commerce, and EPA to set forth rules expanding its disclosure requirements for large businesses on matters relating to the common good. Corporations with more than $1 billion in gross receipts and engaged in interstate commerce would have to file annually with the SEC about its impact on its employees and contractors who are in its supply chain, communities it impacts, other stakeholders, the environment and other matters of common interest to citizens and relevant the social and natural systems on which a just and prosperous future depend, as well as its governance practices to balance these stakeholder issues.Submitted
15Version 1DelBene (WA)DemocratProvides legal certainty to retirement plans that choose to consider ESG factors in their investment decisions or offer ESG investment options to plan participants.Submitted
16Version 1Plaskett (VI)DemocratClarifies that a ‘tax jurisdiction’ includes a country or a jurisdiction that is not a country but that has fiscal autonomy.Submitted
17Version 1Burgess (TX)RepublicanRequires publicly traded companies to disclose the negative impacts of federal corporate tax increases.Submitted
18Version 1Schrier (WA)DemocratLate Requires the Commission, in conjunction with the Office of the Advocate for Small Business Capital Formation and the Office of the Investor Advocate, to conduct a study and issue a report on the issues small businesses face in reporting ESG disclosures with the report including recommendations for the Commission to consider, and should be completed within 1 year of the enactment of the bill.Submitted